Compute the claim against the insurance company

Assignment Help Accounting Basics
Reference no: EM131748312

You are called by Tim Duncan of Spurs Co. on July 16 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available.

Inventory, July 1 $ 39,230
Purchases-goods placed in stock July 1-15 91,550
Sales revenue-goods delivered to customers (gross) 118,800
Sales returns-goods returned to stock 4,310

Your client reports that the goods on hand on July 16 cost $35,440, but you determine that this figure includes goods of $7,470 received on a consignment basis. Your past records show that sales are made at approximately 40% over cost. Duncan's insurance covers only goods owned.

Compute the claim against the insurance company. (Round answer to 0 decimal places, e.g. 28,987.)

 

Reference no: EM131748312

Questions Cloud

Drug trade insouth east asia : It's your job to show me how it relates - Start with a thesis or argument - Drug Trade in South East Asia
Discuss the internal control considerations : Discuss the internal control considerations, and identify issues and risk mitigation strategies
Compute confidence interval for the odds ratio : Online consumer spending. The Consumer Behavior Report is designed to provide insight into online shopping trends. One recent report asked the question.
Read and write a two page review on proem of evil : Mackis, Evil and Omnipotence" Plantinga, The free will defense Hick Evil & soul making Rowe Inductive Argument from evil against the existence of God
Compute the claim against the insurance company : Duncan's insurance covers only goods owned. Compute the claim against the insurance company
Discuss the purchase of merchandise on account : The journal entry to record the purchase of merchandise on account for $2,750 with freight of $125 prepaid by their supplier and added
Describe how the overall concepts : Reflection paper or generate a reflective project that summarizes the book and describes how the concepts discussed in the book are applicable to your future
What constraints did you experience : What is that project? Provide complete description. Consider using PPM.What was the scoop, deliverable, and results of the project?
Amy and chris have three children and are unclear : Amy and Chris have three children and are unclear whether they can claim their children as dependents. Assume Amy and Chris

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine number of units that campbell company must sell

Determine the number of units that Campbell Company must sell in order to achieve its after-tax profit objective

  Record the payroll entry and payroll tax entry

Record the payroll entry and payroll tax entry for the pay of the week ended June 7 (his year to date pay

  Tax basis or at-risk amount

During the year, ABC LP generated a ($90,000) loss. How much of Sue's loss is disallowed due to her tax basis or at-risk amount?

  Compute campbells rate of return on assets

Compute Campbell's rate of return on assets (1) using asset turnover and profit margin and (2) using net income

  Estimate the proportion of adult residents

A political scientist wants to estimate the proportion of adult residents of a state who favor a unicameral legislature. What could be sampled? Also, discuss the relative merits of personal interviews, telephone interviews, and mailed questionnair..

  The company has a cash balance of 20000 at the beginning of

the lbj company has budgeted sales revenues as

  Difference in the total mortgage payments

You plan to buy a $200,000 home. The bank suggests two options: (1) 10% down payment, $100/month PMI for the first 4 years, 30-year mortgage at 6% APR, and (2) 20% down payment, 30-year mortgage at 5% APR. What is the difference in the total mortg..

  The investment turnover for chicks is:

Chicks Corporation had $1,100,000 in invested assets, sales of $1,210,000, income from operations amounting to $242,000, and a desired minimum rate of return of 15%.

  Amount of the liability on balance sheet

Compute the amount of the liability that should appear on the December 31, 2011, balance sheet.

  How can purchasing help to reduce cycle time how can more

1 how can purchasing help to reduce cycle time?2 how can more innovation from suppliers be achieved? what is

  Define noncash investing and financing activities

Use the following information about the cash flows of Kansas Company to prepare a complete statement of cash flows (direct method) for the year ended December.

  Pior to june 1 a company has never had any treasury stock

prior to june 1 a company has never had any treasury stock transactions. a company repurchased 100 shares of its common

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd